Semiconductors

HUA HONG SEMI

Today’s Key News Recap

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0427 | Dolphin Research Focus: 🐬 Macro/Industry1) Last week, DeepSeek surprise-launched its flagship foundation model DeepSeek-V4 and fully open-sourced it, a key market catalyst. With AI advances as a tailwind, semis extended gains today: the Hong Kong Semiconductor Index jumped 5%+, led by SMIC and Hua Hong Semiconductor.The new model is tuned for domestic compute and pursues a non-CUDA stack, expanding edge-AI use cases and sustaining demand for local chips. Flows continue to pile into themes of self-reliant compute and domestic substitution...

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Tencent Holdings Limited

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Destiny Tech100

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DeepSeek-V4 open-sourced, igniting the AI compute supply chain; Tencent's QClaw rolls out a major update | Daily News Recap

Hua Hong Semiconductor Reports Q1 2026 Results: Revenue Up 22%, Announces $6 Billion Expansion for Fab9B

Morgan Stanley raises targets for SMIC and Hua Hong, citing AI-driven mature process shortage

BofA upgrades Hua Hong target price to $63 but reiterates Underperform rating on Q1 results

CLSA raises Huahong Semiconductor target price and valuation multiples, maintains outperform rating

CITIC International and Goldman Sachs Maintain Buy Ratings on Hua Hong Semiconductor with Target Prices of 145 HKD and 152 HKD

Morgan Stanley Maintains Hold Rating on Hua Hong Semiconductor with Target Price of HKD 88.00

Six Brokers Show Mixed Sentiment on Hua Hong Semiconductor Ratings and Price Targets

SMIC and Hua Hong Release 2026 Q1 Earnings, Both Raise Q2 Revenue Guidance

BOC International Maintains Buy Rating on Hua Hong Semiconductor and Raises Target Price to HK$152.4

CLSA Raises Hua Hong Semiconductor Target Price to 147.6 HKD, Citing AI and Domestic Substitution

Hua Hong Semiconductor holds AGM, approves name change to Hua Hong Grace Semiconductor and share buyback plan

HUA HONG SEMI released FY2026 Q1 earnings on May 14 After-Market (BJT), actual revenue HKD 5.244 B (forecast HKD 5.17 B), actual EPS HKD 0.0906 (forecast HKD 0.1387)

Hua Hong Semiconductor Reports Q1 2026 Net Profit of $20.9 Million with 22.2% Revenue Growth

CLSA Reiterates Outperform Ratings and Target Prices for Semiconductor Companies

HUA HONG SEMI to Release FY2026 Q1 Earnings on May 14 After-Market (BJT), Forecast Revenue HKD 5.167 B, EPS HKD 0.1386

Morgan Stanley Maintains Huahong Semiconductor 'In-Line' Rating

US Orders Multiple Chip Equipment Companies to Halt Shipments to HuaHong's Factories

CLSA Reports Resurgence in Analog Chip Demand, Upside for SMIC and Hua Hong

HuaHong Semiconductor Reports Revival in Demand for Mature Chip Processes in 2025 Annual Report

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HUA HONG SEMI (01347.HK, 688347.SH) Q1 2026 Earnings Presentation

HUA HONG SEMI (01347.HK, 688347.SH) 2024 Q4 Earnings Presentation

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CICC has raised HUA HONG SEMI's target price to HKD146, reflecting a 33% increase, driven by optimism in computing power trends and memory upcycle. The company's 1Q26 results met expectations, with a gross margin of 13% and high capacity utilization at 99.7%. Revenue forecasts for 2026 and 2027 have been increased by 2% and 3%, respectively, alongside profit forecasts rising by 14% and 32%. CICC maintains an Outperform rating.

AASTOCKS News

Guotai CSI All Share Integrated Circuit ETF

First Trust Nasdaq Food & Semicon

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

CICC

CICC Raises HUA HONG SEMI  TP to HKD146, Bullish on Computing-Power and Power Synergy Trend and Memory Upcycle

M Stanley reports an approaching upcycle in mature-node processes, driven by AI demand. They raised price targets for SMIC to HKD85 and HUA HONG SEMI to HKD118, while adjusting EPS forecasts for 2026-2028. The firm anticipates strong growth in AI power ICs, with a total addressable market of USD15 billion by 2026. Despite challenges in consumer products, demand for AI-related semiconductors is expected to offset negative impacts.

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Samsung Electronics Co., Ltd. Sponsored GDR

M Stanley: Upcycle in Mature-node Process Approaching; Raises TP on SMIC  and HUA HONG SEMI, Adjusts EPS Forecasts

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BOCOM International has raised its target price for HUA HONG SEMI to HKD145, citing improved revenue and gross margin forecasts. The company expects 2Q26 revenue between USD690M and USD700M, with a gross margin of 14%-16%. The report highlights potential price increases for NOR Flash and a significant investment in the 9B fab, which is projected to enhance capacity and ASP growth. BOCOM maintains a Buy rating, anticipating revenue of USD3.51B and USD3.96B for 2027 and 2028, respectively.

Ping An CSI Consumer Electronic Theme ETF

BOCOM International Raises HUA HONG SEMI  TP to HKD145, Lifts Revenue and Gross Margin Forecasts

BofAS has raised HUA HONG SEMI's target price from HKD61 to HKD63 while maintaining an Underperform rating. The company reported 1Q revenue of USD661 million, flat QoQ but up 22% YoY, with a gross margin of 13%. Despite a forecasted ASP growth of 10% to 15% YoY, the bank sees insufficient earnings recovery potential, projecting gross margins of 18% to 19% in 2H26.

BofAS Raises HUA HONG SEMI  TP to HKD63, Reiterates Underperform

Citi has raised its price targets for SMIC and HUA HONG SEMI, citing benefits from China's localization trend and AI demand. SMIC's 1Q results exceeded expectations, with a positive 2Q revenue growth forecast. HUA HONG SEMI also reported strong growth in the China market. Citi upgraded SMIC's investment rating to Buy and increased its price target to HKD90, while HUA HONG SEMI's target was raised to HKD160. Both companies were added to Citi's 90-Day Short-Term View list.

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Citi Raises SMIC  and HUA HONG SEMI TPs, Positive on 90-Day Performance

SMIC and HUA HONG SEMI saw slight recoveries after opening lower, with SMIC up 0.91% and HUA HONG SEMI up 3.11%. Meanwhile, Trump confirmed that China has not approved the purchase of H200 AI chips, despite earlier reports of US approval for sales to Chinese companies. Trade discussions did not cover chip export controls.

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SMIC, HUA HONG SEMI Tick Up after Opening Lower; Trump: CN Has Not Approved Purchase of H200 Chips

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Hong Kong chip stocks exhibited varied performances today. According to Jin10, Gigadevice Semiconductorsaw a significant increase of over 9%, while Montage Technologyrose by more than 3%. Other companies like Hua Hong Semiconductoralso experienced gains. In contrast, Innosecfell by over 5%, and TianShu ZhiXindeclined by nearly 2%.

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Hong Kong Chip Stocks Show Mixed Performance

New Buy Rating for Hua Hong Semiconductor Ltd. (1347), the Technology Giant

businessinsider

New Buy Rating for Hua Hong Semiconductor Ltd. (1347), the Technology Giant

HUA HONG SEMI(01347.HK)

CICC Raises HUA HONG SEMI TP to HKD146, Bullish on Computing-Power and Power Synergy Trend and Memory Upcycle

M Stanley: Upcycle in Mature-node Process Approaching; Raises TP on SMIC and HUA HONG SEMI, Adjusts EPS Forecasts

BOCOM International Raises HUA HONG SEMI TP to HKD145, Lifts Revenue and Gross Margin Forecasts

BofAS Raises HUA HONG SEMI TP to HKD63, Reiterates Underperform

Citi Raises SMIC and HUA HONG SEMI TPs, Positive on 90-Day Performance

SMIC, HUA HONG SEMI Tick Up after Opening Lower; Trump: CN Has Not Approved Purchase of H200 Chips

Hong Kong Chip Stocks Show Mixed Performance

New Buy Rating for Hua Hong Semiconductor Ltd. (1347), the Technology Giant